Veteran F1 chief executive spars with Philip Marshall QC on first of three
days in High Court in £100 million damages lawsuit

Billionaire Ecclestone is defending a $100m (£62m) damages claim brought by German media firm Constantin Medien who accuse him and three other defendants of deliberately undervaluing Formula One in the 2005 sale to safeguard his position as CEO.Photo: Press Association

Bernie Ecclestone was accused of "fabricating" evidence on Wednesday on a tense first day of cross-examination in his £100 million damages lawsuit in the High Court.

Formula One's 83-year-old chief executive is defending a claim brought by German media firm Constantin Medien who accuse Ecclestone and three other defendants of deliberately undervaluing Formula One in the 2005 sale of the sport to CVC Capital Partners.

Constantin Medien, a former shareholder in F1, stood to gain a hefty commission from any sale that valued the sport at over $1bn (£620 million).

The company believes Ecclestone paid bribes amounting to $44 million (£27 million) to German banker Gerhard Gribkowsky who facilitated the sale of his bank's shares to CVC at a knockdown price, CVC having agreed to retain Ecclestone as CEO.

While there was little new in Wednesday's evidence, the day was intriguing for the sparring between Ecclestone and Philip Marshall QC, representing Constantin Medien.